Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Ginkgo Bioworks Holdings, Inc. (DNA)
A forensic read on Ginkgo Bioworks Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-16.8
Distress distance
Clean
Earnings quality
6
Forensic signals
-1.6
P / E (ttm)
-61.5%
ROE
$483M
Market cap
0.00%
Dividend yield
-25.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ginkgo Bioworks Holdings, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -16.8, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+75.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +75.4% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by payables paid down 25% against -25% in revenue and receivables up +10% against revenue -25%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 57% of net operating assets, diverging from the balance-sheet accrual read.
-29.1%
FY2025
Return on invested capital.Return on invested capital is -29.1% in the latest fiscal year and rising from -166% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+9.7%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +32% over the last 3 years to FY2025 (+9.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2022, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~9.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~24%.
stopped
FY2021→FY2023
Shareholder returns — halted.Capital returns have STOPPED — $25M of buybacks + dividends in FY2021, but ~$0 in FY2023. A halt usually means the company is conserving cash.
Key fundamentals
Latest Revenue$170.2M
Revenue Growth YoY-25.1%
Net Margin-183.8%
Free Cash Flow-$178.7M
Return on Equity-61.5%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ginkgo Bioworks Holdings, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Ginkgo Bioworks Holdings, Inc. (DNA) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
49d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 31 to 49 days FY2024→FY2025 (receivables +10% vs revenue -25%). Receivables are creeping up relative to sales. Across FY2022–FY2025 the day count ran 81 → 71 → 31 → 49 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-32%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 6 consecutive quarters (Mar 2025 +4, Jun 2025 +21, Sep 2025 +27, Dec 2025 +20, Mar 2026 +30, Jun 2026 +7 days). In the latest of them the receivable balance grew -41% against sales -48%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid.
48% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 48% of revenue in FY2025 — about $1.47 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 9.8% a year and is falling.